06 Fixed Assets Not Subject to Depreciation from March 01, 2020

Le Hai

11:39, 10/07/2024

On December 31, 2019, the State Bank of Vietnam issued Circular 35/2019/TT-NHNN regulating the accounting of fixed assets, tools, instruments, and materials of the State Bank of Vietnam.

Circular 35 stipulates that all fixed assets currently present in units under the State Bank of Vietnam (NHNN) must be depreciated, except for the following fixed assets:

- Fixed assets that have been fully depreciated but are still in use in the units' activities;- Fixed assets that are not fully depreciated but have been lost;- Fixed assets that are not fully depreciated but are damaged and cannot continue to be used;- Other fixed assets managed by the unit but not owned by the unit (excluding leased fixed assets);- Fixed assets used in welfare activities serving officials and employees of NHNN (excluding fixed assets serving officials and employees at work which are invested and constructed by NHNN);- Intangible fixed assets are the right to use land in cases where the value of land use rights must be determined to be included in the asset value as specified in Article 100 of Decree 151/2017/ND-CP.

More details can be found in Circular 35/2019/TT-NHNN which takes effect from March 1, 2020.

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